Crescent State Bank Reports First Quarter 2001 Results

Apr 11, 2001, 01:00 ET from Crescent State Bank

    CARY, N.C., April 11 /PRNewswire/ --
     Crescent State Bank (OTC Bulletin Board:   CSCB) reported total assets on
 March 31, 2001 of $108 million reflecting a 50% increase over the $72 million
 reported on December 31, 2000.  Total net loans increased by $10 million or
 21% from $47 million as of December 31, 2000 to $58 million on March 31, 2001.
 Total deposits were $97 million at March 31, 2001 reflecting a 58% increase
 over the $62 million reported on December 31, 2000.
     Crescent reported a net loss for the three-month period ended March 31,
 2001 of $39,126 or $.03 per share.  The return on average assets and return on
 average equity for the first quarter were  -.18% and  -1.58%, respectively.
 These results compare favorably to the $84,643 net loss, or $.07 per share,
 incurred during the first quarter of 2000.  Comparing results from operations
 before the provision for loan losses, earnings improved by $110,000 from a
 loss for the quarter ended March 31, 2000 of $18,000 to net income of $92,000
 for the current quarter.  During the first quarter, approximately $66,000 of
 net expenses were incurred at the new Clayton branch location, which opened in
 December 2000.
     Commenting on the performance, Mike Carlton, President and Chief Executive
 Officer stated, "We are very pleased with the first quarter results,
 especially with the opening of a new office in mid-December of 2000.  Quality
 growth has been our focus since the bank opened for business.  We continue to
 make great strides in building a full-service regional community bank in Wake
 and Johnston counties.  With the establishment of four offices in a relatively
 short period of time, the bank now has the foundation in place to achieve
 consistent profitability."
     Crescent State Bank is a non-member state chartered bank operating four
 banking offices in Cary (2), Apex, and Clayton, NC.  Crescent State Bank stock
 can be found on the Over the Counter Bulletin Board trading under the symbol
 CSCB.
 
     Information in this press release contains "forward-looking statements."
 These statements involve risks and uncertainties that could cause actual
 results to differ materially, including without limitation, the effects of
 future economic conditions, governmental fiscal and monetary policies,
 legislative and regulatory changes, the risks of changes in interest rates and
 the effects of competition.  Additional factors that could cause actual
 results to differ materially are discussed in Crescent State Bank's recent
 filings with the Federal Deposit Insurance Corporation, including but not
 limited its Annual Report on Form 10-KSB and its other periodic reports.
 
 
     Crescent State Bank Comparative Income Statements
     (000s omitted except for per share data)
 
 
                                      Three Months    Three Months
                                          Ended           Ended
                                     March 31, 2001   March 31, 2000
 
     Interest Income                      1,636            712
     Interest Expense                       830            289
 
     Net interest income                    806            423
     Provision for loan losses              131             67
 
     Net interest income after
      provision for loan losses             675            356
 
     Non-interest income                     81             26
     Non-interest expense                   795            467
 
     Loss before taxes                      (39)           (85)
 
     Income tax expense                       -              -
     Net loss                               (39)           (85)
     Basic and fully diluted loss
      per share (a)                        (.03)          (.07)
 
 
     Crescent State Bank Balance Sheets
     (000s omitted)
     (unaudited)
 
 
                         Mar 31, 2000  Dec 31, 2000 (a)   $ Change   % Change
 
                   Assets
     Cash and non-interest
      bearing deposits        5,118        2,479            2,639       106
     Interest-earning deposits
      with banks              3,436          143            3,293      2304
     Federal funds sold      24,154        6,260           17,894       286
     Securities available
      for sale               15,469       13,589            1,880        14
     Federal Home Loan
      Bank stock                100          100                -       N/A
     Loans Receivable,
      net of allowance       57,800       47,839            9,961        21
     Accrued interest and
      dividends receivable
                                442          383               59        15
     Premises and
      equipment, net
                                998        1,022              (24)       (2)
     Other assets               203          202                1         1
              Total Assets  107,720       72,017           35,703        50
 
     Liabilities and Stockholders' Equity
              Liabilities
     Total Deposits          97,260       61,699           35,561        58
     Borrowed funds               -            -                -         -
     Accrued interest payable   131           90               41        45
     Accrued expenses and
      other liabilities         149          234              (85)      (36)
          Total Liabilities  97,540       62,023           35,517        57
 
        Stockholders' Equity
           Total Stockholders'
            Equity           10,180        9,994              186         2
 
     Total Liabilities and
      Stockholders' Equity  107,720       72,017           35,703        50
 
 
     (a) Derived from audited financial statements.
 
 

SOURCE Crescent State Bank
    CARY, N.C., April 11 /PRNewswire/ --
     Crescent State Bank (OTC Bulletin Board:   CSCB) reported total assets on
 March 31, 2001 of $108 million reflecting a 50% increase over the $72 million
 reported on December 31, 2000.  Total net loans increased by $10 million or
 21% from $47 million as of December 31, 2000 to $58 million on March 31, 2001.
 Total deposits were $97 million at March 31, 2001 reflecting a 58% increase
 over the $62 million reported on December 31, 2000.
     Crescent reported a net loss for the three-month period ended March 31,
 2001 of $39,126 or $.03 per share.  The return on average assets and return on
 average equity for the first quarter were  -.18% and  -1.58%, respectively.
 These results compare favorably to the $84,643 net loss, or $.07 per share,
 incurred during the first quarter of 2000.  Comparing results from operations
 before the provision for loan losses, earnings improved by $110,000 from a
 loss for the quarter ended March 31, 2000 of $18,000 to net income of $92,000
 for the current quarter.  During the first quarter, approximately $66,000 of
 net expenses were incurred at the new Clayton branch location, which opened in
 December 2000.
     Commenting on the performance, Mike Carlton, President and Chief Executive
 Officer stated, "We are very pleased with the first quarter results,
 especially with the opening of a new office in mid-December of 2000.  Quality
 growth has been our focus since the bank opened for business.  We continue to
 make great strides in building a full-service regional community bank in Wake
 and Johnston counties.  With the establishment of four offices in a relatively
 short period of time, the bank now has the foundation in place to achieve
 consistent profitability."
     Crescent State Bank is a non-member state chartered bank operating four
 banking offices in Cary (2), Apex, and Clayton, NC.  Crescent State Bank stock
 can be found on the Over the Counter Bulletin Board trading under the symbol
 CSCB.
 
     Information in this press release contains "forward-looking statements."
 These statements involve risks and uncertainties that could cause actual
 results to differ materially, including without limitation, the effects of
 future economic conditions, governmental fiscal and monetary policies,
 legislative and regulatory changes, the risks of changes in interest rates and
 the effects of competition.  Additional factors that could cause actual
 results to differ materially are discussed in Crescent State Bank's recent
 filings with the Federal Deposit Insurance Corporation, including but not
 limited its Annual Report on Form 10-KSB and its other periodic reports.
 
 
     Crescent State Bank Comparative Income Statements
     (000s omitted except for per share data)
 
 
                                      Three Months    Three Months
                                          Ended           Ended
                                     March 31, 2001   March 31, 2000
 
     Interest Income                      1,636            712
     Interest Expense                       830            289
 
     Net interest income                    806            423
     Provision for loan losses              131             67
 
     Net interest income after
      provision for loan losses             675            356
 
     Non-interest income                     81             26
     Non-interest expense                   795            467
 
     Loss before taxes                      (39)           (85)
 
     Income tax expense                       -              -
     Net loss                               (39)           (85)
     Basic and fully diluted loss
      per share (a)                        (.03)          (.07)
 
 
     Crescent State Bank Balance Sheets
     (000s omitted)
     (unaudited)
 
 
                         Mar 31, 2000  Dec 31, 2000 (a)   $ Change   % Change
 
                   Assets
     Cash and non-interest
      bearing deposits        5,118        2,479            2,639       106
     Interest-earning deposits
      with banks              3,436          143            3,293      2304
     Federal funds sold      24,154        6,260           17,894       286
     Securities available
      for sale               15,469       13,589            1,880        14
     Federal Home Loan
      Bank stock                100          100                -       N/A
     Loans Receivable,
      net of allowance       57,800       47,839            9,961        21
     Accrued interest and
      dividends receivable
                                442          383               59        15
     Premises and
      equipment, net
                                998        1,022              (24)       (2)
     Other assets               203          202                1         1
              Total Assets  107,720       72,017           35,703        50
 
     Liabilities and Stockholders' Equity
              Liabilities
     Total Deposits          97,260       61,699           35,561        58
     Borrowed funds               -            -                -         -
     Accrued interest payable   131           90               41        45
     Accrued expenses and
      other liabilities         149          234              (85)      (36)
          Total Liabilities  97,540       62,023           35,517        57
 
        Stockholders' Equity
           Total Stockholders'
            Equity           10,180        9,994              186         2
 
     Total Liabilities and
      Stockholders' Equity  107,720       72,017           35,703        50
 
 
     (a) Derived from audited financial statements.
 
 SOURCE  Crescent State Bank